Bitcoin Bull Run | Criminal Concerns Still Encourage Some Regulation

Cryptocurrency markets are applauding outcomes from G20 summit; the bulls have extended the bitcoin price above 9K, up more than 22% from Sunday lows. Bulls have been capitalizing on the remarks from Mark Carney and governor of the Central Bank of Argentina – who discarded the possibility of imposing bans on cryptocurrencies.

Mark Carney said digital currencies only account for 1% of global economic output and they aren’t threatening the global financial stability.

While Mark Carney remarks at the beginning of the G20 summit helped markets recovering from Sunday lows, the concluding comments from Federico Sturzenegger, governor of the Central Bank of Argentina, strengthened bullish sentiments and aided bulls to break the critical resistance levels on price charts.

Federico Sturzenegger told press conference: “The spirit of the discussion was very productive, and I agree that everybody left very pleased,” adding, “It was a very good meeting.”

Tom Lee, who was the strategist at JP Morgan, says he is buying bitcoin, and he expects the price to reach $20,000 in the second half of this year and $25,000 by the end of the year.

Criminal Activity Still Causing Concern

Though FDS participants didn’t criticize cryptocurrencies and rule out new regulations, they asked regulators to take combined steps for regulating digital currencies amid concerns over the illegal use.

The reports also suggest that US National Security Agency (NSA) was tracking Bitcoin users across the globe and the segment of the document shows the significant participation of “e-currencies” in organized crimes, money laundering, and terrorist funding.

Also, regulators from all over the world are accepting the involvement of criminal activities; China, India and many others have completely banned digital currencies while others are taking necessary steps to control unregulated alternative currencies.

European Union chief urged authorities to regulate cryptocurrencies as soon as possible. He said, “These illicit finance networks provide user access to international monetary systems while providing a high degree of anonymity.”

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